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Credit Suisse initiates coverage on Boston Beer Company (NYSE: SAM) with a Underperform rating and a price target of $156.00.

Analyst Laurent Grandet commented, "We are initiating coverage of Boston Beer with an Underperform rating and a $156 target price. Our sales and EPS estimates are below the consensus, as we don't see a clear tipping point to reverse sales declines. More importantly, management has not yet been able to articulate a clear strategy to stem market shares losses and revitalize sales. We applaud the company for recognizing the severity of the problem and hiring a CMO, but we think the coming years will be a slow road and that expectations have not fully adjusted to that reality."

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